Renfra Energy India Limited, Pragyawan Technologies Limited, TMC transformers India Limited, GNI Infrastructure Limited and Functional & Innovative Foods Limited have filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 30, 2026, for their proposed 100% book-built initial public offering (IPO).

Company	Issue Type	Fresh Issue	Offer for Sale (OFS)
Renfra Energy India Limited	Fresh Issue + OFS	Up to ₹430 crore	Up to 0.48 crore equity shares
Pragyawan Technologies Limited	Fresh Issue + OFS	Up to ₹400 crore	Up to 1.50 crore equity shares
TMC Transformers India Limited	Fresh Issue Only	Up to ₹550 crore	Not Applicable
GNI Infrastructure Limited	Fresh Issue + OFS	Up to 2.10 crore equity shares	Up to 2.10 crore equity shares
Functional & Innovative Foods Limited	Fresh Issue + OFS	Up to 0.60 crore equity shares	Up to 0.25 crore equity shares

Renfra Energy India IPO - Issue Details

Issue Type: Book Built Issue (Fresh Issue + OFS)
Total Issue Size: To be announced
Fresh Issue: Up to ₹430 crore
Offer for Sale (OFS): Up to 4,794,800 equity shares
Face Value: ₹10 per equity share
Listing: BSE, NSE
Book Building Lead Manager: Unistone Capital Private Limited
Registrar: Bigshare Services Private Limited

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Utilisation of Renfra Energy India IPO Proceeds

The Company proposes to utilise the net proceeds from the Fresh Issue towards the following purposes:

Redemption of Non-Convertible Debentures issued by the Company, in full.
Funding the working capital requirements of the Company.
General corporate purposes.

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About Renfra Energy India Limited

Renfra Energy India Limited provides integrated turnkey solar and wind energy solutions, primarily for commercial and industrial customers. Its services cover the entire project lifecycle, including EPC, project development, commissioning, and operations and maintenance (O&M).

As of May 15, 2026, the company had completed 462.35 MW of renewable energy projects and was executing 139.10 MW of ongoing projects, mainly in Tamil Nadu and Puducherry. It also manages around 601.40 MW of solar and wind assets under O&M services.

Particulars	FY26 (in ₹ Cr.)	FY25 (in ₹ Cr.)	FY24 (in ₹ Cr.)
Revenue from Operations	1,013.69	510.71	446.72
Profit After Tax	156.82	94.54	36.86
EBITDA	245.94	131.07	55.41

Pragyawan Technologies IPO - Issue Details

Issue Type: Book Built Issue (Fresh Issue + OFS)
Total Issue Size: To be announced
Fresh Issue: Up to ₹400 crore
Offer for Sale (OFS): Up to 15,000,000 equity Shares
Face Value: ₹2 per equity share
Listing: BSE, NSE
Book Building Lead Manager: Pantomath Capital Advisors Private Limited
Registrar: MUFG Intime India Private Limited

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Utilisation of Pragyawan Technologies IPO Proceeds

The Company proposes to utilise the net proceeds from the Fresh Issue towards the following purposes:

Funding the working capital requirements of the Company.
General corporate purposes.

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About Pragyawan Technologies Limited

Pragyawan Technologies Limited is a diversified solutions provider engaged in skill development, training products, utility solutions, and operations and maintenance (O&M) services. It operates through two business verticals, Skill Development and Utility Solutions serving public sector and institutional customers across India.

Headquartered in Noida, the company has a pan-India presence across 29 states and Union Territories. It delivers projects across sectors including education, power, water, renewable energy, and telecom through an integrated business model encompassing procurement, contract manufacturing, system integration, project execution, and lifecycle support.

Particulars	For the nine-month period ended December 31, 2025	FY25 (in ₹ Cr.)	FY24 (in ₹ Cr.)	FY23 (in ₹ Cr.)
Revenue from Operations	777.07	359.36	211.73	67.30
Profit After Tax	99.09	39.81	24.07	8.84
EBITDA	136.82	57.25	31.98	11.80

TMC Transformers (India) IPO - Issue Details

Issue Type: Book Built Issue (Fresh Issue Only)
Total Issue Size: Up to ₹550 crore
Fresh Issue: Up to ₹550 crore
Offer for Sale (OFS): Not Applicable
Face Value: ₹10 per equity share
Listing: BSE, NSE
Book Building Lead Manager: Anand Rathi Advisors Limited and Intensive Fiscal Services Private Limited
Registrar: MUFG Intime India Private Limited

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Utilisation of TMC Transformers India IPO Proceeds

The Company proposes to utilise the net proceeds from the Fresh Issue towards the following purposes:

Funding capital expenditure towards setting up a greenfield Extra High Voltage (“EHV”) transformer manufacturing facility with an aggregate installed capacity of 78,000 MVA at Halol, Gujarat (“Proposed Facility”).
Part funding of the incremental working capital requirements of the Company
General corporate purposes.

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About TMC Transformers India Limited

TMC Transformers India Limited is an established transformer manufacturer in India, offering a wide range of oil-filled and dry-type transformers, along with compact substations for sectors such as railways, renewable energy, metros, industries, and power distribution. It is the only transformer manufacturer in India certified by RDSO for all transformer classes required for 2×25 kV traction substations and is among the few manufacturers approved to produce high-capacity Scott-connected traction transformers for Indian Railways.

The company has also been one of the fastest-growing transformer manufacturers in India, recording a revenue CAGR of 29.83% between FY24 and FY26.

Particulars	FY26 (in ₹ Cr.)	FY25 (in ₹ Cr.)	FY24 (in ₹ Cr.)
Revenue from Operations	417.23	271.68	247.52
Profit After Tax	95.71	46.64	15.09
EBITDA	113.05	66.69	22.38

GNI Infrastructure IPO - Issue Details

Issue Type: Book Built Issue (Fresh Issue + OFS)
Total Issue Size: Up to 30,417,854 Equity Shares
Fresh Issue: Up to 21,029,642 Equity Shares
Offer for Sale (OFS): Up to 9,388,212 Equity Shares
Face Value: ₹10 per equity share
Listing: BSE, NSE
Book Building Lead Manager: SMC Capitals Limited
Registrar: Marwadi Chandarana Intermediaries Brokers Private Limited

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Utilisation of GNI Infrastructure IPO Proceeds

The Company proposes to utilise the net proceeds from the Fresh Issue towards the following purposes:

Funding the working capital requirements of the Company.
General corporate purposes.

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About GNI Infrastructure Limited

GNI Infrastructure Limited specializes in road infrastructure projects across Maharashtra, including the construction, widening, maintenance, and upgradation of roads and highways. It primarily executes projects under the EPC model and has also undertaken select HAM projects through joint ventures and subsidiaries.

In recent years, the company has diversified into solid waste management through biomining of legacy waste. As of December 31, 2025, it had 18 ongoing projects and a strong order book of ₹10,210.33 million, reflecting its robust execution capabilities and growing project pipeline.

Particulars	For the nine-month period ended December 31, 2025	FY25 (in ₹ Cr.)	FY24 (in ₹ Cr.)	FY23 (in ₹ Cr.)
Revenue from Operations	231.80	309.07	182.10	309.92
Profit After Tax	49.66	76.12	46.96	75.41
EBITDA	87.64	108.64	63.57	110.40

Functional & Innovative Foods IPO - Issue Details

Issue Type: Book Built Issue (Fresh Issue + OFS)
Total Issue Size: Up to 8,500,000 equity shares
Fresh Issue: Up to 6,000,000 equity shares
Offer for Sale (OFS): Up to 2,500,000 equity shares
Face Value: ₹10 per equity share
Listing: BSE, NSE
Book Building Lead Manager: Beeline Capital Advisors Private Limited
Registrar: KFin Technologies Limited

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Utilisation of Functional & Innovative Foods IPO Proceeds

The Company proposes to utilise the net proceeds from the Fresh Issue towards the following purposes:

Funding capital expenditure for the setting up of a new manufacturing unit at Namakkal, Tamil Nadu (Proposed Unit V) for sprouted and fortified products.
Funding capital expenditure for the setting up of a new manufacturing unit at Dhar, Madhya Pradesh for manufacturing of the existing product portfolio of the company (Proposed Unit-VI, together with Proposed Unit-V, ‘Proposed Units).
Pre-payment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company.
Investment in its wholly owned Subsidiary, Christy Quality Foods (India) Private Limited (“CQFIPL”) in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary.
Funding long-term working capital requirements of the Company.
General Corporate Purposes.

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About Functional & Innovative Foods Limited

Functional & Innovative Foods Limited is an integrated food contract manufacturer offering private label and contract manufacturing services to businesses ranging from emerging brands to multinational FMCG companies. It manufactures a wide range of food products with a focus on quality, food safety, and customized product development.

As of December 31, 2025, the company offered over 25 product categories with more than 700 SKUs and operated four manufacturing units comprising nine facilities in Tamil Nadu. It served 106 major customers, including 33 repeat customers, and was one of the fastest-growing food manufacturing companies among its selected peers, recording a revenue CAGR of 50.21% between Fiscal 2023 and Fiscal 2025.

Particulars	For the period ended December 31, 2025	FY25 (in ₹ Cr.)	FY24 (in ₹ Cr.)	FY23 (in ₹ Cr.)
Revenue from Operations	232.44	260.11	161.42	115.28
Profit After Tax	25.60	23.22	13.75	3.22
EBITDA	36.96	33.82	20.86	6.88